Read on Twitter
Quick thread on NFTs as applying to art + collectibles, as it seems people are
a) misunderstanding the value concept
b) think it& #39;s a pointless exercise
a) misunderstanding the value concept
b) think it& #39;s a pointless exercise
First you need to understand what provenance is. Particularly in the modern age, it& #39;s very easy to replicate things. People pay for originals because they are a good way to preserve and store wealth.
See below
See below
There is a big problem with fakes and forgery in the art and collectibles world. Typically records are kept manually, but fakes get through, pretty often... https://news.artnet.com/art-world/seller-must-repay-sothebys-fake-old-master-1391008">https://news.artnet.com/art-world...
This is why projects like @CodexProtocol set out to modernise the traditional system, by creating a way to verify records of art and collectibles attached to NFTs on-chain.
The NFT& #39;s will/can only be transferred at the time of sale, the token itself is part of the purchase.
The NFT& #39;s will/can only be transferred at the time of sale, the token itself is part of the purchase.
In fact this approach was so popular that it received global recognition and partnership from the biggest auctioneering giants on the planet. It& #39;s a big problem and blockchain is a good solution, whether you agree or not.
Here are other businesses in the blockchain/art space:
Here are other businesses in the blockchain/art space:
So obviously this isn& #39;t a new concept - it& #39;s a very smart one though. What @rariblecom and similar are doing is recreating the process from the ground up, allowing us to create the art work on chain from the first instance.
